The DeGen Bible to Financial Freedom - Vol. 18

Week 14 Jan - 27 Jan 2023

Is the bottom in? Yeah yeah nah yeah nah nah yeah nah - Mars Captain

🧠 Observations

• Rumors about institutional buying causing the small pump in the last 10 days. (Or just pump and dump?) 🤡
• Good indicator that stables MKT cap dropping. With Ethereum ShangHai upgrade upcoming in March 🎉

💵 Stablecoin & Market Landscape

Stablecoin market share remains EXTREME high in reference to the total crypto market capitalization. 12.8% of stablecoin (138B) on 1.07T crypto market. Flattening trend continues

Reminder: Mid-NOV 2021, this percentage was around 4ish% with a 3T total MC. Now we are at 15ish% with a 1ishT total MC.

• Now at 1.07T. Re-bounced a bit, struggling in the 1T level in the last 10days.  😳

Reminder: June 2022 witnessed a bottom of 800ish B MC vis-a-vis the market’s top in NOV 2021 at 3T.

• What can we say? LUNA king has fallen. But indeed, we shouldn’t give up pursuing on this path. After all, what is money? USD? JPY? EUR? CNY? 🤔

• Zoom out, AAVE has been super performing without any problem, any hack since the eclipse of LUNA, followed by Celsius, 3 Arrows and FTX. Why do people seek centralised regulation when you see things are better without a manager? 👹

• I will leave the link here for you to navigate. Long story short, it’s a total shit play. 💩

🔢 Index

• Normally, it might be time to sell when it hits green. No comment and no confidence that this is sustainable. 🟥

• Small pump to 15, still very low. 😒

📰 Current affairs

Starfish Finance:

Starfish Finance II - Attack of the (Dapp) Clones

Far beyond Earth and millions of miles past the moon, there’s a planet where Decentralized Finance (DeFi) and NFT-Fi meet on an interoperable network. First observed in 2022, the world known as “Starfish Planet” is home to degens, hodlers, frens and a starfish named Sean.

CoinDeskCoinDesk Staff

Starfish Finance: A cross-chain DeFi, NFT-finance platform on Astar Network, a Polkadot parachain

Starfish Finance is a pioneer project in the Astar incubation project and the first decentralized finance (DeFi) and nonfungible token (NFT) finance platform on Astar Network.

CointelegraphCointelegraph

Bitcoin:

Bitcoin Price Drops because of Chinese New Year?

Chinese New Year (Lunar New Year) has strong influence on cryptocurrency prices, with Bitcoin prices decreasing in the months leading up to the New Year.

BoxminingAngela Wang

You Can Now Earn Bitcoin By Playing Chess on Your Phone - Decrypt

“Implementing rewards with Zebedee’s platform isn’t about players earning money, it’s about creating a more interesting and fun experience,”

DecryptJason Nelson

Ethereum:

Ethereum Smart Contracts Deployment Jumped 293% in 2022: Alchemy Developer Report - Decrypt

Compared to 2021, the number of smart contracts deployed on Ethereum soared nearly 300% in 2022, according to a new report from Alchemy.

DecryptAndrew Asmakov

Layer 1s & DeFi:

Polkadot enhances cross-chain abilities between its blockchains

Polkadot has released version 3 of its cross-chain messaging format called Cross-Consensus Messaging (XCM).

The BlockVishal Chawla

DeFi Project 1inch Network Launches Hardware Wallet - Decrypt

1inch’s hardware wallet will support the same cryptocurrencies available on the firm’s hot wallet and offers multi-seed phrase functionality.

DecryptAndrew Asmakov

Stargate integrates with Metis in first blockchain expansion since launch

Stargate has integrated with the Layer 2 Ethereum scaling solution Metis in its first blockchain expansion since it was launched.

The BlockJames Hunt

Avalanche DEX Trader Joe Plans to Make its Tokens More Valuable for Users

The platform aims to expand to Arbitrum and BNB Chain in the coming weeks and is changing part of how its tokens are rewarded and distributed.

CoinDeskShaurya Malwa

Paxos Proposes To Deposit $1.5B Of USDP In MakerDAO - The Defiant

Deal Could Generate $70M Annually For Maker

The DefiantOwen Fernau

Uniswap Poll Shows 80% Support Decentralized Crypto Exchange’s Move to BNB Chain

More than 20 million UNI were staked by community members to cast their votes.

CoinDeskShaurya Malwa

Vitalik Buterin closes seven-month short trade on RAI token, netting $92,000

RAI co-founder Ameen Soleimani used the trade to support his argument that there’s a mistake in the way RAI was designed.

The BlockTim Copeland

Celsius Proposes Restructuring to Offer One-Time ‘Meaningful Recovery’ Payout for Most Creditors

The bankrupt firm is thinking of forming a new “recovery corporation” after getting a slew of acquisition bids that were not compelling.

CoinDeskCheyenne Ligon

Paxos Proposes To Deposit $1.5B Of USDP In MakerDAO - The Defiant

Deal Could Generate $70M Annually For Maker

The DefiantOwen Fernau

Centrifuge Quietly Sets Pace in Real World Assets Race - The Defiant

“Put it on the blockchain.” It’s a phrase that almost became a joke to highlight the supposed uselessness of the distributed ledger technology.

The DefiantOwen Fernau

Sushiswap to launch decentralized exchange for perpetual trading on Sei Network

Sushiswap passed a proposal to revamp its tokenomics this week and the new exchange could have an impact on its native token sushi.

The BlockMike Truppa

NFTs & Metaverse:

NFT blue-chip Azuki launches virtual city Hilumia

Azuki tells The Block that Hilumia will bridge digital and physical worlds through its token Physical Backed Token (PBT).

The BlockMK Manoylov

Ethereum NFT Hit Doodles Will Launch Doodles 2 on Flow Blockchain - Decrypt

One of the most successful Ethereum NFT projects to date is choosing Flow, the home of NBA Top Shot, for its follow-up series.

DecryptAndrew Hayward

Macro Economy & Regulations:

Russia preparing to mobilise extra 500,000 conscripts, claims Ukraine

Kyiv’s deputy military intelligence chief says force will form part of new offensives over spring and summer

The GuardianIsobel Koshiw

Coinflex says new exchange with 3AC founders won’t use GTX name after Twitter ridicule

CoinFlex clarified “misconceptions” surrounding plans to raise $25 million for a new crypto exchange in partnership with 3AC founders after Crypto Twitter mocked the plans.

The BlockChristiana Loureiro

DeFi + TradFi: The Beginning of a Beautiful Friendship - The Defiant

It isn’t often that I ride a chair lift to dinner, but last week I found myself carried up the slopes of St Moritz toward a meal with some of the most influential players in crypto.

The DefiantEdward Robinson

Genesis Files for Bankruptcy, Has $150 Million In the Bank - Decrypt

The firm says it weathered “extraordinary challenges,” including the default of Three Arrows Capital and the bankruptcy of FTX in 2022.

DecryptRyan Ozawa

CZ alleges FTX paid $43m to run Binance FUD in media

Binance head Changpeng Zhao believes that FTX funded most of the FUD reports surrounding Binance recently.

crypto.newsWayne Jones

China Launches Smart-Contract Functionality on Digital Yuan Through E-Commerce App Meituan

Through the smart contract, users can win part of a daily prize of $1,312 for using the digital yuan.

CoinDeskEliza Gkritsi

WSJ News Exclusive | New FTX Chief Says Crypto Exchange Could Restart

In his first public interview since taking over the failed cryptocurrency exchange, John J. Ray III said that he is open to the idea of rebooting operations.

The Wall Street JournalAlexander Saeedy and Alexander Osipovich

Iran and Russia want to issue new stablecoin backed by gold

According to local reports, the Central Bank of Iran is cooperating with the Russian government to issue a cryptocurrency backed by gold.

CointelegraphHelen Partz

What You Need to Know About Crypto Regulation in Hong Kong, Singapore, Japan

Asia’s biggest financial centers seem eager to encourage the growth of the crypto industry while protecting consumers and preventing contagion if things go wrong.

CoinDeskLavender Au

Interesting Tweets:

Research reports/videos (DYOR) :

https://messari.io/report/state-of-stacks-q4-2022?__s=i056afg8hdddxaa8jsd2&utm_source=drip&utm_medium=email&utm_campaign=Finding%20an%20Edge%20in%20House%20Stark

The past, present, and future of airdrop design

A summary of the past and latest airdrop designs, and why the future of airdrops may look different than what exists today with high-velocity airdrops

Past, Present, & Future — RabbitHole

https://bmpro.bitcoinmagazine.com/wp-content/uploads/2023/01/BM_Pro_2022_YIR.pdf?utm_source=substack&utm_medium=email

Does your product need a token?

Many founders adopting Web3 technologies wonder whether a token is right for them. So we’ve written a quick explainer to help guide you through.

Outlier VenturesJan Baeriswyl